"Открытие Капитал": Magnit – valuation-driven downgrade // ДЕРЖАТЬ
20 марта 2012 года
Magnit (MGNT) is slated to report audited 2011 IFRS accounts on Friday, 23 March. Attention should be focused on the company’s balance sheet and cash generation, as key P&L lines were pre-announced in late January. We think that MGNT’s operating cash flow may exceed market expectations, soothing investor concerns about working capital pressures. However, with MGNT’s GDRs up 42% YtD (vs. +25% for the MSCI Russia index), the stock appears fully valued, trading at 2012–2013 EV/EBITDA multiples of 14.1x–11.2x and 2012–2013 P/E multiples of 30.6x–23.6x on our updated forecasts. We downgrade MGNT’s GDRs from a BUY to a HOLD on what we see as rich valuations, and continue to recommend a switch to the company’s local shares, which trade at a 13% discount to GDRs.
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